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Deutsche Post Dhl Is the World’S Leading Mail and Logistics Services Group

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Deutsche Post Dhl Is the World’S Leading Mail and Logistics Services Group 22 mm 212,5 mm Annual Report 2012 PIONEERING FUTURE MARKETS 212,5 mm 22 mm 01 THE GROUP Deutsche Post DHL is the world’s leading mail and logistics services group. The Deutsche Post and DHL corporate brands represent a one-of-a-kind portfolio of logistics (DHL) and communications (Deutsche Post) services. The Group provides its customers with both easy-to-use standardised products as well as innovative and tailored solutions ranging from dialogue marketing to industrial supply chains. about 475,000 employees in more than 220 countries and territories form a global network focused on service, quality and sustainability. With programmes in the areas of environmental protection, disaster management and education, the Group is committed to social responsibility. The postal service for Germany. The logistics company for the world. dp-dhl.com Organisational structure, page 20. 02 SELECTED KEY FIGURES 2011 2012 + / – % Q 4 2011 Q 4 2012 + / – % Revenue € m 52,829 55,512 5.1 14,126 14,577 3.2 Profi t from operating activities (EBIT) € m 2,436 2,665 9.4 599 827 38.1 Return on sales 1 % 4.6 4.8 – 4.2 5.7 – Consolidated net profi t for the period2 € m 1,163 1,658 42.6 175 542 >100 Operating cash fl ow € m 2,371 –203 – 1,262 – 629 – net liquidity (–) / net debt (+) 3 € m –938 1,952 – – – – Return on equity before taxes % 15.2 19.2 – – – – Earnings per share 4 € 0.96 1.37 42.7 0.14 0.45 >100 Dividend per share € 0.70 0.70 5 0.0 – – – Number of employees 6 423,348 428,287 1.2 – – – 1 EBIT / revenue. 2 After deduction of non-controlling interests. 3 Calculation Group Management report, page 49. 4 Basic earnings per share. 5 Proposal. 6 Average FTE s. I 178 MM 133 MM LETTER TO OUR SHAREHOLDERS CONTENTS A 甲 GROUP MANAGEMENT REPORT 17 B乙 CORPORATE GOVERNANCE 109 C 丙 CONSOLIDATED FINANCIAL STATEMENTS 135 D丁 FURTHER INFORMATION 215 Dr Frank Appel Chief Executive Officer Deutsche Post AG March 201, financial year 2012 In Chinese culture, red is the colour of wealth and good luck. So by tradition, red envelopes contain happy news, New Year’s wishes and small gift s. Last summer I too came back from China – a country in which we have been operating with our DHL business for more than 30 years – with many favourable impressions. During my several-week stay there, I was impressed with the dynamic of the country and the energy and initiative shown by its people. China is a good example of the great potential that emerging markets off er a logistics company such as ours. Th anks to our presence in the world’s growth markets, the DHL divisions performed particularly dynamically in fi nancial year 2012 and played a key role in increasing our consolidated revenue by 5.1 % to €55.5 billion. In the MAIL division, revenues were up again signifi cantly in the parcel business, which helped to compensate for slight volume declines in the mail business. Consolidated EBIT improved by nearly 10 % to €2.67 billion. In the fourth quarter, growth was even more pronounced. Th e fact that external factors had a negative impact on our business makes this per- formance all the more satisfying. During the year, our liquidity situation suff ered from two signifi cant one-time charges from an additional VAT payment and a demand by the European Commission for repayment of state aid. Furthermore, the global economy grew only slightly and economic output in the euro zone even saw a decline. Given these developments, at the Annual General Meeting we shall propose that a dividend per share of €0.70 be paid to you as in the previous year. Th e distribution ratio of 53.3 % refl ects our dividend policy of paying out 40 % to 60 % of adjusted net profi t as dividends as a general rule. I am very pleased to see that the progress we made in 2012 is now evident in the perform ance of our share price. Our shares performed much better than the DAX for the second year in a row and, with an annual yield of 45.6 %, are amongst the top ten on the index. 1 / 2 We took advantage of the positive perception of our company on the capital market and borrowed €2 billion at favourable, long-term conditions in December in order to continue funding our pension obligations. Th is move will improve our cash fl ow and secure retirement benefi ts for our employees. In the current fi nancial year, we expect moderate growth in the world economy that will pick up momentum as the year progresses with a corresponding increase in revenues, especially in the DHL divisions. Against this backdrop, we expect consolidated EBIT to reach between €2.7 billion and €2.95 billion in fi nancial year 2013. Th e MAIL division is likely to contribute between €1.1 billion and €1.2 billion to this fi gure. In the DHL divisions, we expect an additional improvement in overall earnings to between €2.0 billion and €2.15 billion. Operating cash fl ow will recover from the one-time charges in the previous year and benefi t from the earnings improvement. For me, achieving such good fi nancial results in a diffi cult environment is just further evidence that our Strategy 2015 is delivering and is being implemented successfully – for the benefi t of our shareholders, customers and employees. With our extensive portfolio of products and services, targeted innovations in growth areas, exceptional position in the emerging markets and a culture of continuous improvement, we have laid the best possible foundation for further growth. Just like the people I had the pleasure of meeting in China – such as at the opening of the North Asia Hub in Shanghai, on my delivery tour and in one-on-one talks with employees on site – we shall continue to press forward with spirit and determination. Yours faithfully, 2 / 2 133 MM 178 MM 186 MM CONTENTS 03 TARGET-PERFORMANCE COMPARISON The Group I Pioneering Selected Key Figures I GOALS 2012 RESULTS 2012 GOALS 2013 Comparison Contents and Target-Performance Letter to our Shareholders 1 PIONEERING Markets Future Target-Performance Comparison 2 EBIT EBIT EBIT Pioneering Future Markets 3 Group: €2.6 billion Group: €2.67 billion. Group: €2.7 billion to €2.7 billion 1. to €2.95 billion. FUTURE MARKETS MAIL division: €1.0 billion MAIL division: €1.05 billion. MAIL division: €1.1 billion to €1.1 billion. to €1.2 billion. A 甲 DHL divisions: around DHL divisions: €2.04 billion. DHL divisions: €2.0 billion 1 GROUP MANAGEMENT REPORT 17 €2.0 billion . to €2.15 billion. Corporate Center / Other: Corporate Center / Other: Corporate Center / Other: China is not only a fascinating country and the world’s largest Business and Environment 19 around €–0.4 billion. €–0.42 billion. around €–0.4 billion. export country; it is also gaining importance as a domestic Deutsche Post Shares 33 Economic Position 36 Consolidated net profi t2 Consolidated net profi t2 Operating cash fl ow logistics market. DHL has been doing business in China for Divisions 50 Continue to improve consoli- Consolidated net profi t Operating cash fl ow will more than 30 years and is the fastest, most reliable express Non-Financial Performance Indicators 70 dated net profi t before effects before effects from the recover from the one-time Further Developments 84 from the Postbank trans- measurement of the charges in 2012 and benefi t service provider there. As a logistics pioneer in the region, Outlook 85 action, the additional VAT Postbank transaction, the from the expected earnings Deutsche Post DHL has continually expanded its global network, payment and the reversal of additional VAT payment improvement. opening up Asia’s growth markets both for the company and restructuring provisions in and the reversal of line with operating business restructuring provisions: for other industries. Through our knowledge of the country, its B乙 (previous year: consolidated €1.63 billion. people and its culture, we shall continue to unlock a wealth net profit before effects CORPORATE GOVERNANCE 109 from the measurement of of potential for our customers in the market of the future – in Report of the Supervisory Board 111 the Postbank instruments China – and in other emerging markets. Supervisory Board 115 €1.46 billion). Board of Management 116 Mandates 118 Capital expenditure Capital expenditure Capital expenditure 3 Corporate Governance Report 119 (capex) (capex) (capex) Increase investments invested: €1.70 billion. Increase investments to from €1.72 billion (2011) to a maximum of €1.8 billion. a maximum of €1.8 billion. C 丙 Dividend distribution Dividend distribution Dividend distribution CONSOLIDATED FINANCIAL Pay out 40 % to 60 % of net Proposal: pay out 53.3 % Pay out 40 % to 60 % of net profi t as dividend. of adjusted net profi t as profi t as dividend. STATEMENTS 135 dividend. Income Statement 137 Statement of Comprehensive Income 138 1 Forecast increased over the course of the year. 2 Balance Sheet 139 After deduction of non-controlling interests. 3 Forecast narrowed over the course of the year. Cash Flow Statement 140 Statement of Changes in Equity 141 Notes to the Consolidated Financial Statements 142 Responsibility Statement 213 independent auditor’s Report 214 D丁 FURTHER INFORMATION 215 Index 217 Glossary 218 Graphs and Tables 219 Locations 220 Multi-Year Review 222 Contacts 224 Events II 178 MM 186 MM Pioneering PIONEERING Markets Future FUTURE MARKETS China is not only a fascinating country and the world’s largest export country; it is also gaining importance as a domestic logistics market.
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